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Euro in Crisis

One currency for a united Europe, a goal of the European Union (EU) and its predecessors since the 1960′s became reality on January 1, 1999. News has not been good of late for the euro as Italy, Poland, Greece, Portugal, Spain, Ireland, Cyprus, Belgium and others have come face to face with staggering financial debt. Responding to the european crises, Chancellor Angela Merkel, speaking to the German Parliament in 2011 raised a spectre of the euro collapsing. Her warning: “If the euro fails, then Europe fails.” Today the UK’s Telegraph reports Oskar Lafontaine, the German finance minister who launched the euro, has called for a break-up of the single currency to let southern Europe recover. Lafountaine warns the current course is leading to disaster. Where is the Eurozone financial crisis leading? What does it all mean?